AmWins Group Inc., the global distributor and servicer of specialty insurance solutions, has hired Alex Kaplan (previously at Swiss Re) to lead developments of new products and capital sources, including a focus on parametric risk transfer solutions.
Kaplan will take on the role of Executive Vice President for Alternative Risk, with a wide remit focusing on the alternative areas of insurance risk transfer, as well as capital sources which could include third-party reinsurance capacity.
AmWINS has a track record of working to connect insurance risks with efficient capital, including working with insurance-linked securities (ILS) funds, so the hiring of Kaplan will heighten the focus on this area as well it seems.
In additon, Kaplan is being tasked with leading a new AmWINS strategy around the development of parametric risk transfer solutions and other bespoke coverages.
These will be developed both on a stand-alone basis as well as in conjunction with other traditional and non-traditional risk transfer solutions, the company explained.
The role will also position Kaplan to lead efforts at AmWINS to develop new products and capital sources for the company, its retail customers and their clients.
Kaplan had spent 11 years at Swiss Re and led the reinsurance firms public sector focused activities in the United States, where parametric triggers and alternative capital will have been a considerable focus.
“Alex has been at the forefront of understanding emerging risk needs and has an extensive history of creating innovative products, solutions and markets. His work has always focused on affordable ways of closing the gap between insured and uninsured loss, and we’re excited that he will be leveraging that global expertise in support of our retail brokers and their insureds,” Scott M. Purviance, Chief Executive Officer of AmWINS explained.
His 11 years at Swiss Re saw him work up to the role of Head of North America for the company’s Public Sector Solutions unit, supporting the needs of governments and international financial institutions in managing their financial risks.
In that position he worked on a wide range of initiatives, such as the US National Flood Insurance Program’s first engagements with the reinsurance industry, to the creation of the first parametric insurance policy on a natural asset, the Meso-American reef in Mexico.
Kaplan also co-developed a patented parametric windstorm insurance mechanism at Swiss Re.
“The industry faces an exciting juncture to help alleviate new challenges in an evolving risk landscape,” Kaplan said. “The confluence of technology, data digitization and computational power today will enable the industry to address the risks of society in new and powerful ways. I’m thrilled to join AmWINS to apply and scale these solutions across their vast network and bring new value to our clients.”